IBM is working on software to conclude contracts via block chain technology




IBM is working on open source software that enables organizations to close by means of a block chain contracts. In theory, this is the speed with which companies can make formal agreements with each other and so do business, accelerate.

A block chain is a virtual ledger where all transactions can be tracked in. The concept is best known for the famous bitcoinsysteem which the block chain through the so-called blocks verifies a transaction is legitimate. This is done by miners, participants bitcoinnetwerk being rewarded for their monitoring role with bitcoins.

Although a chain block so is the most well-known of the bitcoinsysteem, the concept can also be used in other applications. And that is exactly what IBM plans seems, knows to report The Wall Street Journal based senior vice president of IBM Research.

‘Big Blue’ working on open source software that allows businesses through a block chain to conclude a contract. The concept is highly experimental and therefore it is uncertain whether there are companies that are going to apply this concept in the near future. Nevertheless, there are some advantages; as companies and banks can use exactly the same system to oversee transactions. There will also be distributed through the establishment of a block chain less ‘hands’ to pass, what processes can accelerate.

IBM is the open source issue in the coming months, but an exact date is not yet known. However, is not yet clear whether someone using the software. But if that happens, it is the hope of the US tech giant, over the longer term social impact can be huge. Besides IBM employs more companies to a block chain concept for accelerating business processes, including and


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